BMR - Ballymore Resources

[rcw1]

This is so slow. Just saw that 3 Mar announcement wherein they have started their next phase drilling campaign at Dittmer u/g and it'll take 2 months from that date to complete. Then follows the lab turnaround time of course. One diamond rig. Also it sounds like most of it'll be infill, preparatory to a maiden MRE.
And 'Jaws' - the big magnetic blob 400 metres below the old mine workings - drilling for that continues to be in the planning stage.

Held
Hope for opportunity to trade part.

View attachment 196478

Volume not real flash @finicky.

A quick glance at Dittmer, looking deep, as you would be aware, deep gold is costly to mine. Will need to see high grade in tight quartz intersecting gold veins, for mine.
The photos of drill intersections look impressive though...

3/3/25: The Dittmer project area has only undergone limited drilling to date to a shallow depth (i.e. <200m). The proposed drill hole is designed to test the top of the magnetic anomaly and a potential buried porphyry copper target. The hole is expected to be 1,000m deep and is anticipated to take 50 days to complete.

Need high grade copper, that deep, would be nice to see what the results are. Resolution is 1.5% from memory down to 2000M or so.

Mount Molloy old copper mines, Palmer River old gold mining about 70k's North of Mt. Molloy. Mt Carbine large wolfram deposits. Might look further into where they intend to drill.

There is gold at Ravenswood.

Chillagoe (Red Dome made a killing some time back), wonder where they will drill ?? rcw1 notes that the Ruddygore Project covers an area 556 km squared.... out as far to Mount Garnett way.

rcw1 gunna keep an eye on BMR

Kind regards
rcw1

 

[finicky]

@rcw1 the volume is pathetic - a couple of times it has taken me weeks and three or four partial fills to get 20,000 shares.

As to grade, they're getting high grade around or just below the level of the old mine - even the backfill the old miners left is good grade by today's standards their geologist says.

But my notion is that they are theorizing that there's a porphyry feeder deep down that is the source of the higher up mineralisation and there's an early suggestion of that from the airborne magnetic survey. Porphyries don't need to be high grade because of the consistent and extensive mineralisation. They can cave mine it. I suspect this is a quite low probability outcome though.

Example of a porphyry - Cadia:

AI Overview

"Newcrest's (now Newmont's) Cadia East underground gold mine. Cadia ore, particularly at Cadia East, is generally considered low-grade, bulk-mining, porphyry-style Au-Cu deposits. The ore reserves are graded at approximately 0.44 g/t gold and 0.28% copper.

"Cadia mine, a major gold and copper mining operation in New South Wales, is highly profitable, generating significant revenue and contributing substantially to the Australian economy.

"Cadia is one of Australia's largest gold mining operations. In the 2023 fiscal year, Cadia produced 597 Koz of gold at an all-in sustaining cost of $45 per ounce.

"The Cadia East–Far East deposit, which is part of the Cadia Valley Operations, extends to a depth of over 1,900 meters (or 1.9 km) below the surface."

Definitely not promoting this - I am relying soley on the company's narrative and this usually has not served me well in other cases.

 

[finicky]

Strikes me as a bit thin but hope they're not BSing about canvassing for another party to process some of it.
I suppose it is a positive that extension of the offset Duffer lode continues to confiirm prediction.
Note the assay result is for one drill hole, not three as I first misread it.
Is that smeared gold in the 0.3m core picture? If not, why present it? Awaiting assay.
Slow going.

Held
Holding

 

[houtman]

Strikes me as a bit thin but hope they're not BSing about canvassing for another party to process some of it.
I suppose it is a positive that extension of the offset Duffer lode continues to confiirm prediction.
Note the assay result is for one drill hole, not three as I first misread it.
Is that smeared gold in the 0.3m core picture? If not, why present it? Awaiting assay.
Slow going.

Held
Holding


View attachment 198508

View attachment 198509

Yeah, slow going with this one, at least they are back to having their drilling platform underground, it wasn't working too well from surface.

1/4ly due so we'll see how the cash balance is holding up.

 

[rcw1]

Volume not real flash @finicky.

A quick glance at Dittmer, looking deep, as you would be aware, deep gold is costly to mine. Will need to see high grade in tight quartz intersecting gold veins, for mine.
The photos of drill intersections look impressive though...

3/3/25: The Dittmer project area has only undergone limited drilling to date to a shallow depth (i.e. <200m). The proposed drill hole is designed to test the top of the magnetic anomaly and a potential buried porphyry copper target. The hole is expected to be 1,000m deep and is anticipated to take 50 days to complete.

Need high grade copper, that deep, would be nice to see what the results are. Resolution is 1.5% from memory down to 2000M or so.

Mount Molloy old copper mines, Palmer River old gold mining about 70k's North of Mt. Molloy. Mt Carbine large wolfram deposits. Might look further into where they intend to drill.

There is gold at Ravenswood.

Chillagoe (Red Dome made a killing some time back), wonder where they will drill ?? rcw1 notes that the Ruddygore Project covers an area 556 km squared.... out as far to Mount Garnett way.

rcw1 gunna keep an eye on BMR

Kind regards
rcw1

@finicky
Article published yesterday (07/05/25) Daily Mercury - on line

EDIT: Date change

Ballymore Resources seeks court approval to restart gold mining at abandoned Dittmer mine, Proserpine​

A mining objection hearing deciding whether operations can restart at a historic Qld gold mine with 300,000 tonnes of potential won’t be joined by the objectors.
@JanessaEkert

May 7, 2025 - 5:01PM

The town of Dittmer could be the site of a new gold mine poised to start full scale production over the next three years.

A young mining company says it has uncovered about 300,000 tonnes of gold, silver and copper ore at a historic underground site, as it seeks approval to restart operations under a renewed and expanded mining lease.
However in an unusual turn of events a mining objection hearing about the proposal has proceeded without any active objectors.

Dittmer mine, about 20km southwest of Proserpine, was one of the largest gold mines in Queensland operating between the 1930s and 1950s and again in the 1980s before it was abandoned.

Ballymore Resources acquired a mining lease for the site in 2020 and since then has conducted exploration and studies that have identified a potential resource of about “300,000 tonnes of gold, copper and silver-bearing ore” at the existing mine.

It has applied to expand its mining lease and amend an existing Environmental Authority to restart underground operations, with the matter now before the Land Court of Queensland because a number of objections were raised to the Resources Minister and the Department of Environment, Tourism, Science and Innovation.

The court heard three objections were raised but the “objectors chose not to be an active party in this hearing”.

Lawyers for DETSI agreed the hearing was unusual because “there is not active objector in a mining objection hearing” meaning its role only involved assisting the court and addressing any concerns with the draft EA and mining lease.

The court heard Ballymore took issue about overnight blasting times and surface water monitoring locations.

DETSI raised ongoing exploration on whether certain proposed conditions may impose limitations on human rights and any impact of mining operation on historical sites.

Barrister Angela Hellewell, for Ballymore, said there was issue about “what limitations should be imposed on blasting between 6pm and 7am” with DETSI pushing for conditions preventing overnight blasting.

When asked why it was necessary to blast at night, Ballymore director of operations Andrew Gilbert told the court the continuous nature of underground mining and hazards that are sometimes presented it was needed for management control.

“You’re required to do small scale blasting during the night time to minimise hazards primarily,” he said, clarifying there would be no production blasting at night.

“Management blasts and safety blasts are really when things happen during the shift that you need to deal with immediately.” The court heard Ballymore’s estimated mining depth was 82m in 2025, 140m in 2026 and 220m or deepest by 2027.

Mr Gilbert said some blasting might be required at surface level in the underground but it would be done as needed.

The proposed site of drilling directly borders the hamlet of Dittmer and has part of Kelsey Creek present on the proposed mine site.

He also confirmed the proposed mining activity would not at any time cause more than 10 hectares of land to be significantly disturbed – the total surface proposed will be 0.58 hectares, as well as another 0.84 of already disturbed land.

Ms Hellewell said members of the community “perhaps have a misapprehension” that Ballymore’s mining activities would disturb areas including Peter Faust Dam, the historic waste rock dumps and the Kelsey Creek water supply dam.

Mr Gilbert also confirmed this was not the case.

The court heard Ballymore has committed to restoring any newly disturbed areas as well as some historically disturbed areas, and extra conditions regarding monitoring and reporting, dust avoidance and mitigation, noise mitigation and management and sediment control.

Mr Gilbert said the company also planned to upgrade the current public access track to Proserpine State Forest “to a modern standard”, adding any haulage trucks would not go through the main Dittmer road and there were no plans to mine towards the town.

Ms Hellewell said Ballymore had also agreed “to undertake target surveys to detect the presence of endangered species with actual potential habitat in nesting trees”.

“It has agreed to an in-depth surface water monitoring program. It has agreed to development and implementation of the groundwater management plan, which will ensure that all potential groundwater impacts are identified, monitored and mitigated,” she said

The court heard Ballymore’s issue with surface water monitoring locations involved issues accessing the sites.

“Our ultimate submission will be … that it is in the public interest for these activities to occur on this land, land which has been the subject of many, many years of mining, and that in some parts that land can finally be rehabilitated,” Ms Hellewell said.

“It is correct to say that there will be areas which remain unrehabilitated because of the action of former miners.”

The hearing continues.

 

[finicky]

Two holes assayed with good grades, one more with veining still at the assay lab, another hole currently being drilled.
I think this is extensional drilling?
It's only a 0.3m drill core but check out the pic.

Held
Holding, part tradeable if significantly higher price

"Ballymore Resources (ASX:BMR) is pleased to announce further intersections of goldmineralisation at its flagship Dittmer Project in North Queensland in its Stage 5 drilling program, targeting the displaced extension of the Duffer Lode, which was historically mined at the high-grade Dittmer mine.
Ballymore Managing Director, Mr David A-Izzeddin, said:“Ballymore is delighted with these tremendous results. Not only do they include bonanza gold grades, but they have also done so over significant lengths. The drilling further supports our geological model and provides additional evidence of a very large gold system at Dittmer."

 

[finicky]

Two grants from the CEI office of the QLD government to encourage Ballymore to chase two porphyry targets.
CEI =:Collaborative Exploration Initiative

Held
Accumulate

"Previous mapping completed by Ballymore recognised alteration typical of a porphyry copper deposit and geochemical sampling reported elevated copper results in soils in the Dittmer area2. Drilling of extensions to the historic high-grade Duffer Lode by the Company has seen a broadening of the lode structure and encountered porphyry alteration of the host rock as well as elevated copper associated with gold in drill assay results. Historically, MIM and CRA discovered two porphyry copper deposits in the Dittmer district in the 1970’s south and southwest of the Dittmer mine at Andromache and Julivon Creek. The goldbearing lodes historically mined in the Dittmer area are interpreted to be the upper levels of a similar buried porphyry copper-gold system at depth. Many porphyry systems in Eastern Australia have a similar pencil-like geometry, forming “finger” or “pencil” porphyries that are vertically extensive but horizontally discrete. Other examples with a similar geometry include Evolution Mining’s Northparkes mine (3.3Moz gold / 2.9Mt copper3) and Newmont Mining’s Ridgeway mine (1.9Moz gold / 0.31Mt copper4) in New South Wales. In recent times, an increasing number of porphyry deposit discoveries have been blind targets at depth or located in covered geological settings (e.g. Spence, Toki, Cadia East, Pebble East, Hugo Dummett).Despite its extensive mining history, prior to the commencement of exploration activities by Ballymore, little modern exploration had been completed over this area (particularly for critical minerals) and the Company has started addressing these data gaps. Only limited drilling has been completed within the Dittmer Project area and most drilling to date has been shallow (i.e. <200m)."

 

[finicky]

Smeared gold in DD056 core
52 week high s.p hit today
They're saying that they'll start the deep diamond drill into 'Jaws', far below the historic Dittmer mine this month! At last.
Are you still in @houtman?

Held
Accumulate if lower

 

[finicky]

They announced commencement of the deep drill hole into the speculated buried porphyry target on 19 June and said it would take 50 days. So around mid August should know something.

Quote from announcement:
"With the completion of Stage 5 drilling, the Company is looking forward to testing the significant, pipelike magnetic target beneath the Dittmer mine. Two porphyry copper deposits have previously been recognised south of Dittmer by MIM and CRA in the 1970’s and this anomaly is interpreted to be a buried porphyry intrusion beneath the mine. The area is highly anomalous in copper and gold and the mineralisation recognised in the Dittmer mine is believed to be sourced from this underlying intrusive system."

Held
Spec

 

[houtman]

Smeared gold in DD056 core
52 week high s.p hit today
They're saying that they'll start the deep diamond drill into 'Jaws', far below the historic Dittmer mine this month! At last.
Are you still in @houtman?

Held
Accumulate if lower

View attachment 201460
View attachment 201461
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Sorry @finicky, only just saw this.

No, don't hold.
Was starting to accumulate too many junior junior goldies.

Their slow progress with Dittmer, lack of success at their other projects, and cash burn( I couldn't follow the $, part of 8/10/24 announcement – The Company is well funded, having successfully finalised an A$11.2 million funding package in March 2024. but last 1/4ly showed only $4m available) meant they didn't make the cut.

 

[finicky]

Prospectivity south of Dittmer in undrilled terrain. Stream sampling, rock chips, underlain by magnetic low suggest extension of Dittmer mineralised corridor.
No positive response in trading. Maybe a capital raise is thought to be looming?

Held
Part tradeable if higher prices

 

[finicky]

Visuals on 'Jaws' from the much anticipated DTDD063 deep diamond hole (984 metres).
Damned elusive porphyrys. Close, they want us to believe, but no cigar.
We're also meant to believe that instead with this hole they've hit on a weak sounding deep down plunge extension of the Duffer lode. But the hope of finding the deep source of the higher up historical gold mineralisation is quashed - at this point anyway.
Separately, and notably placed before the deep hole news, they've announced successful completion of stage 5 drilling of the southerly extension of the offset Duffer lode. Quote:
"It has delivered the highest-grade gold, silver, and copper intersection to date and is showing potential thickening of the lode structure along strike and at depth."
I could still sell at a decent trading profit but I'm a stupid investor at heart so will hold. But the thrill has gone - par for the course in life.

Holding

 

[finicky]

Disappointing, but I guess the plaintive hope is that they can do a placement at a small discount as they've shown b4 to be well connected for access to capital.

Held
Holding and possibly accumulate at cheaper

 

[finicky]

Recent Noosa Mining Conference preso

 

[Garpal Gumnut]

I always think of Rugby Union when I see Ballymore Resources come up.

gg

 

[finicky]

^^^
Low content

 

[Garpal Gumnut]

^^^
Low content

It's true though. I reckon the insiders are Brisbane Grammar or Nudgee College old boys.

gg

 

[finicky]

Pretty attractive discounted placement - when considering the attached options - in which directors participate but retail shareholders of course excluded.

Held
Holding